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Loan charges: People borrowing 'to put food on the table'

Those consumers currently experiencing loan charges may have borrowed money in order to buy essential items such as food.

According to Jason Riddle, co-founder of Save Our Savers, people's reasons for borrowing money have changed since the recession hit in 2008.

He said: "I think we are also seeing a shift in the reason for borrowing. Before the credit crunch, people were borrowing to improve their lifestyle and now they are borrowing to put food on the table and pay the bills."

Mr Riddle also spoke about how people heading towards retirement have changed their money spending habits.

"Those approaching retirement are facing a bleak future," he said.

According to Mr Riddle, many people's retirement income has been devastated thanks to the stock market crash, low interest rates and inflation.

The AXA Big Money Index recently revealed that people under the age of 50 are cutting back on their savings and borrowing more to fund their lifestyle.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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